DuPont Delivers Strong 2Q Earnings
Today, DuPont reported second quarter 2010 earnings per share (EPS) and increased 2010 guidance, reflecting improving volumes in all segments and all regions.
DuPont’s second-quarter 2010 reported earnings per share were $1.26, compared to $.46 in second quarter 2009. Sales were $8.6 billion, up 26% versus 2009. This reflects 21% higher volume, 5% higher local selling prices, a 1% benefit from currency, and a 1% reduction from portfolio changes. Emerging markets sales increased 32%.
“Our outstanding focus and disciplined execution delivered excellent results,” said DuPont Chair and CEO Ellen Kullman. “DuPont's global team worked closely with customers, applying the breadth and depth of our science capabilities to meet market needs. We grew sales across every segment. Several businesses, including electronics and titanium dioxide, delivered results that far exceeded pre-recession levels. We continue to hit our productivity and cost-control targets, and remain highly disciplined in creating operating leverage to further grow the company.”
The table below shows year-over-year earnings per share (EPS) variances for the second quarter.
EPS ANALYSIS |
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2Q |
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EPS- 2009 |
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$.46 |
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Significant items (schedule B) |
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(.15) |
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EPS 2009-Excluding significant items |
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$.61 |
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Local prices |
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.27 |
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Variable costs* |
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(.09) |
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Volume |
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.50 |
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Fixed costs* |
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(.20) |
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Currency |
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.03 |
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Other (includes Pharmaceuticals)** |
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(.05) |
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Tax |
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.10 |
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EPS 2010- Excluding significant items |
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$1.17 |
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Significant items (schedule B) |
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.09 |
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EPS- 2010 |
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$1.26 |
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* Fixed and variable costs exclude volume & currency impact; |
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** Includes $(.16) lower Pharma income, partly offset by $.04 net gains on sales of assets, $.03 insurance recoveries and $.02 exchange gains |
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SOURCE
